Increasing
investment in 3D printing start-ups, government support, are technology
innovation are some of the factors driving the growth of the North American
market. North America dominates the market owing to several factors, including
the presence of additive manufacturing companies, service bureaus, and
engineering firms. North America is at the forefront in terms of the
development of 3D printing. Various players are involved in R&D activities
across different verticals. An increase in investments is also seen in North
America, which is providing an opportunity for the market.
Driver: Ease
in development of customized products
Availability of
materials and advancements in 3D printing technologies has accelerated the
adoption of print-on-demand parts for production of customized functional
parts. 3D printing enables the manufacturing of personalized products according
to individual needs and requirements. The companies provide customized
services, such as basic design development by designers, followed by allowing
the customers to co-design the product. Ongoing technological advancements in
the existing 3D printing technologies, reducing costs of printers, and
availability of a range of materials enable the easy manufacturing of
custom-made products.
The global 3D printing market is expected to grow from USD 12.6 billion in 2021
to USD 34.8 billion by 2026, at a CAGR of 22.5%.
Restraint:
Limited availability and high cost of materials
A greater range of
raw materials is available for traditional manufacturing than that available
for the 3D printing-based manufacturing processes. Product manufacturing using
3D printing technology is an expensive process due to the high material costs,
which is a major restraint to the market. Though the technology is a major
process breakthrough, the materials that can be used are still limited. Also,
the accuracy and reproducibility of the products formed by 3D printing are
hampered due to the lack of proper standards concerning the mechanical
properties of the materials used.
Opportunity:
Increased demand for healthcare supplies due to COVID-19 outbreak
The healthcare
industry across the globe has been severely impacted by the emergence of the
COVID-19 outbreak. Increased demand for masks, personal protective equipment,
testing equipment, and other medical supplies has encouraged the manufacturers
of these components to focus on their production. The increasing number of
patients and unavailability of raw materials to produce medical devices and
personal protective equipment has created a huge disruption in the supply chain
across the globe. This has encouraged the manufacturers to seek alternatives
that can help manufacture these components in bulk and are as efficient as the
original equipment.
Sample Pages
of Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1276
Challenge:
Threat of copyright infringement
3D printers are
likely to become very common with the increasing use of this technology, along
with the expiry of patents. Companies have already started uploading their
files on websites for customers to choose their products, followed by shipping
them to the customers. Owing to such increased usage, customers may expect a
higher degree of customization for the products they purchase. The rise in
consumer adoption may lead to an increase in 3D piracy, i.e., the ability of
customers to manufacture the products by themselves instead of buying them from
suppliers.
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